Some love the mountains, others crave the sun and sand of the beach. But for folks who choose to cruise, standard second home options like private residence clubs have not historically applied. Those looking for luxury at sea have generally been limited to booking a set itinerary with a high-end operator such as Seabourn or Silversea; opulent, all-inclusive affairs that range from short tours of the Mediterranean to grand, eight-week voyages around the world. But for types who just can’t get enough of the open sea, the Magellan, a $750 million luxury liner being built by Residential Cruise Line, Ltd. that’s scheduled to set sail in 2010, offers oceanic ownership options with five-star amenities, and some pretty impressive neighbors—astronaut Buzz Aldrin among them—to boot.

What’s For Sale

There are 210 one- to four-bedroom units, ranging in size from 624 to 2,574 square feet, available for whole and fractional ownership. Fractionals are available in one-twenty fourth and one-twelfth slices, and range from $102,500 for two weeks of annual use in a one-bedroom Madrid unit, to $815,000 for a full month of use in a sprawling four-bedroom Monte Carlo penthouse. Full ownership on the vessel ranges from around $2.5 million for the same Madrid unit mentioned above, to upwards of $9.7 million for the largest units on the Platinum Decks. Owners should expect hefty ship operating expenses, from $3,250 to $27,000 per year on fractional units, and ranging up to a staggering $324,000 per year for fully owned units. These cover services similar to those paid for by annual dues at a destination club or private residence club; housekeeping, utilities, maintenance and, in the case of the Magellan, fuel, port charges and crew for the 870-foot, 15-deck liner. When not in use, residences can be rented out, either through the ship’s management office, for a fee, or your own agent.

What You Get

In short, a floating home away from home that happens to dock in 300 unique destinations—Barcelona, New York, Sydney, Alcapulco and even Iceland among them—over the course of its two-year circuit around the globe. The Magellan offers all of the standard resort amenities of luxury fractional developments and destination clubs, with the caveat that instead of one or two, or even 35, destinations to choose from, you have access to literally hundreds. The ship is equipped with numerous restaurants, an upscale grocer, a spa, indoor and outdoor pools, a casino, an onboard marina, medical and veterinary services, an observatory, childcare and, of course, private helicopter service to get you to and from your second home when it’s not conveniently located at a port of call. But make no mistake, unlike with a standard inclusive cruise, these amenities are all pay-as-you-play.

The Halogen Guides Take

The Magellan will be a paragon of luxury in a niche that has gone largely unexplored in the past—and the cost of its residences certainly reflects this fact. The real question will be if ownership really makes sense when it comes to vacations at sea. With 28-day, all-inclusive, ultra-luxury cruises on lines like Seabourn advertised as low as $9,050 per couple on their website, it’s hard to imagine ponying up over $100,000 plus operating expenses for two weeks of use on the Magellan. On the other hand, for those who truly crave a life at sea, making the luxury liner a primary residence, or who plan to rent their unit out a majority of the year, whole ownership might begin to make more sense. And whole ownership does have the added bonus of choosing to be on board during any leg of the ship’s route, be it during a 12-night tour of Italy, or a two-night stop in Greenland.

Several destination clubs, including Solstice and Quintess, also offer a seaworthy option to their members; use of a private yacht, dependent on availability and the ship’s location, in exchange for nights at more stationary homes in the clubs’ portfolios. The downside? You won’t be running into Buzz in the observatory.